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To: Joseph Francis Torti who wrote (121822)	5/3/1999 11:10:00 AM
From: Ian@SI	Read Replies (2) \| Respond to of 176387

Joe, Options trading is viewed as high risk by Waterhouse. Thus, to be cleared for Level 4 option, you have to fill out a new application (just as if you were asking for a new account) telling them that you're fabulously wealthy (i.e. - you can afford your options losses); that you love risk and want all you can get; and admit to them that you're the most sophisticated investor in town. This new application form will remove any protection whatsoever that you had against the broker allowing you to make an inappropriate trade. So if you're the litigious sort, don't get the options permission. If you're unlikely to sue anyone for things that are your own responsibility anyway, it's possible for you to get the clearance. Again, getting the clearance does have its downside. I certainly wouldn't advise anyone getting it just for the H*&( of it. There are plenty of good ways to make money without screwing around with options. FWIW, Ian.